Pyxis Tankers Stock Price, News & Analysis

On April 12, 2023, Pyxis Tankers Inc. (PXS) filed its Annual Report on Form 20-F for the fiscal year ending December 31, 2022, with the Securities and Exchange Commission. The report is available on their website, providing shareholders access to audited financial statements.

Pyxis Tankers operates a fleet of four modern tankers focused on the transportation of refined petroleum and bulk liquids. The company aims to grow its fleet of eco-friendly medium-range product tankers, leveraging operational flexibility and strong customer relationships. It highlights its competitive cost structure and solid financial standing, indicating a strategic position for future expansion.

Pyxis Tankers Inc. (NASDAQ: PXS) announced the sale of its oldest vessel, the Pyxis Malou, a 50,667 dwt product tanker built in 2009, for $24.8 million. After settling bank debt and transaction costs, the company secured net cash proceeds of approximately $18.9 million. This strategic decision aims to enhance liquidity and reduce debt, allowing the company to pursue further opportunities. Following this sale, Pyxis Tankers will operate a fleet of four eco-efficient MR2 product tankers with an average age of 8 years, enhancing operational flexibility and earnings potential.

Pyxis Tankers Inc. reported robust financial results for Q4 2022, with net revenues reaching $18.4 million, a 127% increase from Q4 2021. The company achieved a net income of $6.5 million, compared to a net loss of $5.6 million in the prior year. Earnings per share were $0.61 basic and $0.53 diluted. The time charter equivalent (TCE) revenues for the quarter were $13.8 million, up 256% year-over-year. Management expects to close the sale of the tanker “Pyxis Malou” for $24.8 million by March 31, which will boost cash availability by approximately $18 million.